Important – there is a link included in every email from Signet that provides a secure way to send sensitive documentation to us. We can receive faxes as well. Please do not send sensitive information via email.
1 – Connection is made with a Signet Mortgage Loan Officer.
2 – Pertinent loan application information is discussed with the loan officer and important questions are addressed so we can outline appropriate loan options for you. An online loan application may be used if desired.
3 – With your authorization, a credit report is obtained and you will consent to receive electronic disclosures and e-sign a confirmation to allow us to run your credit report.
4 – Automated underwriting through Fannie Mae or Freddie Mac may be completed.
5 – Application and disclosures are prepared and signed by the client at this time. Many of the disclosures will be sent from the lender. To reduce duplication, only the added required disclosures will be sent from Signet Mortgage directly. At this time, a formal Loan Estimate is included that reflects the loan terms available on that date.
6 – Supporting documentation is requested that will include income documentation, asset verification and other details as determined by your loan officer. Explanation letters are written to explain specific situations that affect your financial ability to repay a mortgage loan.
7 – Loan package is submitted to the lender/investor with supporting documentation to validate the information provided for the loan application. At that time, an initial approval is completed by the lender and conditional approval is received. The conditional approval will have items that must be completed before final approval can be issued.
8 – Once a Closing Disclosure is provided to all parties – there is a three-day waiting period before documents can be signed. The formal signing can be at title or at a convenient location with a mobile notary.
9 – Once documents are returned, the lender will perform a funding review to make sure everything is in perfect order.
10 – Lender sends funds to escrow, title and escrow are completed and the transaction closes. Note, in a refinance transaction there is a three day waiting period in between signing loan documents and funding.